Following CapVest Partners' takeover of Germany’s Stada earlier this month, another private equity group is looking to cash in on Europe’s generic medicines manufacturing scene.
Chicago-based investment firm GTCR has inked a deal to acquire Advent International's Prague-based generics manufacturer Zentiva, according to a Sept. 11 press release from Advent. The purchase is expected to close in "early 2026," Advent added.
The Financial Times was first to report on the sale and said the deal values Zentiva at 4.1 billion euros ($4.8 billion), citing two sources close to the matter. Advent did not disclose the financial terms of the transaction in its announcement.
Zentiva was Sanofi’s European generics business from 2008 until 2018, when Sanofi sold the manufacturer to Advent—itself a private equity investor—for 1.9 billion euros.
Since acquiring the company, Advent says it has bolstered Zentiva's drug portfolio and manufacturing footprint through a mix of organic growth and external transactions.
“Advent has been an exceptional partner in Zentiva’s transformation journey," the generics maker's CEO, Steffen Saltofte, said in a statement. "Their commitment to investing in our capabilities, pipeline, and manufacturing base has been instrumental in our growth and in ensuring we can better serve millions of patients across Europe."
"As we move forward with GTCR, we are excited to build on this momentum to ensure continued growth and expand access to high-quality, affordable medicines," he continued.
GTCR’s purchase of Zentiva comes after a competitive bidding process, according to the FT. In late August, India's Economic Times reported that Indian manufacturer Aurobindo was leading the race to purchase Zentiva for up to $5.5 billion.
Zentiva traces its roots back hundreds of years to a small pharmacy, dubbed Black Eagle, that still operates in the Czech Republic’s capital. These days, the company boasts more than 5,000 employees operating across more than 30 countries, according to its website.
Zentiva produces both generic over-the-counter and prescription drugs and says it has also been working to bolster its consumer health portfolio in countries like the Czech Republic, Romania and Slovakia.
The Zentiva purchase is notable given its close proximity to another major European generics buyout earlier this month.
Last week, CapVest said it would take a roughly 70% stake in generics juggernaut Stada, purchasing the holding from private equity compatriots Bain Capital and Cinven, which will retain a minority stake in the German manufacturer.
CapVest’s deal values Stada at around 10 billion euros ($11.6 billion) and marks one of the largest acquisition plays in Europe so far this year.
Notably, GTCR was also in talks to purchase Stada earlier this year, according to the FT report.